Lean Marketing

Question 1

Value stream mapping

Answer 1

Identifying and mapping every step of the product life cycle

Question 2

Flow

Answer 2

Ensuring value-adding activities move seamlessly throughout the prod life cycle

Question 3

The central question in lean marketing

Answer 3

Which activity create value, and which are wasteful?

Question 4

The 3 force multipliers

Answer 4

Tools
Assets
Processes

Question 5

The path to domination starts with a…

Answer 5

Narrow focus

Question 6

5 stages of customer awareness

Answer 6

1. Unaware
2. Problem aware
3. Solution aware
4. Product aware
5. Most aware

Question 7

7 ways to niche

Answer 7

1. Location
2. Demography
3. Shared values
4. Industry
5. Desire
6. Problem
7. Trend

Question 8

Ways to understand a target market better
(Go undercover)

Answer 8

1. Find where they congregate online
2. Podcasts/Books/YT
3. Industry trade journals
4. In-person trade shows

Question 9

Product-Market fit is defined by

Answer 9

Customers

Question 10

Five Why’s technique

Answer 10

Ask “why?” to a problem five times until you reach one of the 7 core commodities

Question 11

7 core commodities

Answer 11

1. Money
2. Time/Convenience
3. Sex
4. Status
5. Safety / Peace of mind
6. Entertainment
7. Freedom

Question 12

____ moves your market to action more effectively than ___

Answer 12

Pain; pleasure

Question 13

4 major value levers

Answer 13

1. Time
2. Effort
3. Risk
4. Side effects

Question 14

Utility-Signaling spectrum

Answer 14

Concept that explores customer behaviors, in which one end shows customers purchasing for usage and the other end purchases for vanity

Question 15

CRM system

Answer 15

Customer relationship management system that stores customer info/preferences to understand customers better

Question 16

5 basic functions of a CRM system

Answer 16

Storing customer data
Tagging/Segmentation
Triggering automations
Sending broadcast data
Reporting

Question 17

Copywriting Commandment 1

Answer 17

Thou shalt entertain

Question 18

Copywriting Commandment 2

Answer 18

A confused mind says no

Question 19

Copywriting Commandment 3

Answer 19

Thou shalt write awesome headlines

Question 20

Copywriting Commandment 4

Answer 20

Name it and claim it

Question 21

Copywriting Commandment 5

Answer 21

Ask and you shall receive

Question 22

Copywriting Commandment 6

Answer 22

Emotion commits the crime, logic does the cover up

Question 23

Copywriting Commandment 6

Answer 23

Emotion commits the crime, logic does the cover up

Question 24

Copywriting Commandment 7

Answer 24

Write before you write

Question 25

Copywriting Commandment 8

Answer 25

Tell stories

Question 26

Copywriting Commandment 9

Answer 26

Create a dual readership path

Question 27

Copywriting Commandment 10

Answer 27

Summarize before and after

Question 28

Flagship asset

Answer 28

High-value piece of content/product that shows credibility and authority

Question 29

A good landing page has 3 things:

Answer 29

Strong headline Clear Value proposition Easy opt-in form

Question 30

Soap Opera Sequence

Answer 30

1. Introduce/set stage 2. Deep dive (into problem) 3. Present solution 4. Cliffhanger

Question 31

5 things that prevent customers from completing the purchase funnel

Answer 31

1. Not clicking the ad 2. Not opting in 3. Not getting/opening your email 4. Opening email but not going to sales page 5. Going to sales page but not buying

Question 32

LTV

Answer 32

How much money a customer brings in over their entire customer lifespan

Question 33

MRR

Answer 33

Monthly recurring revenue

Question 34

Conversion rate

Answer 34

Rate of customers taking a desired action

Question 35

CTR

Answer 35

Click through rate; % of customers who click on ad after seeing it

Question 36

CPC

Answer 36

Cost per click

Question 37

Traffic

Answer 37

Number of visitors to your site/page

Question 38

Bounce rate

Answer 38

% of visitors who leave site after viewing only one page

Question 39

NPS

Answer 39

Net promoter score; % of Promoters - % of Detractors Customers are asked how likely they are to recommend the business on scale 1-10. Promoters are 9s & 10s, detractors are <7.

Question 40

AOV

Answer 40

Average amount a customer spends in a single transaction

Question 41

Prod Per Customer

Answer 41

Average number of products each customer has purchased